US PEs Walton Street Capital and Starwood Capital Group exit Shriram's Uttarpara project

Walton Street Capital and Starwood Capital Group have exited the Uttarpara (West Bengal) project of Chennai-based Shriram Properties and invested in the group’s holding company, Shriram Properties.

BANGALORE | KOLKATA: Walton Street Capital and Starwood Capital Group have exited the Uttarpara (West Bengal) project of Chennai-based Shriram Properties and invested in the group’s holding company, Shriram Properties.

People with knowledge of the developments said the two real estate PE investors have exited Bengal Shriram Hi-Tech City Pvt Ltd, a special purpose vehicle floated by the Shriram Group to execute an integrated township project on the 314-acre Uttarpara land acquired from carmaker Hindustan Motors.

The company planned to build a Rs 5,000-crore integrated IT township and auto park at the site, but the project is still awaiting clearances.

Each of the three partners held about 33% stake in the special purpose vehicle. The US real estate investment firms had collectively infused Rs 210 crore, the sources said.

Conceived in 2007, the Uttarpara project was to have 20-25 million sq ft of residential, retail, office and civic infrastructure. Walton Street Capital and Starwood Capital were not available for comment. Shriram Properties Managing Director M Murali refused to speak on the issue.

Meanwhile, Shriram has sold a small part of its Uttarpara land holding to Delhi-based developer Ashiana Housing.
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